Are you interested in some buying for the first time? Single Mothers that are interested in home buying should make sure that they are doing all the proper researching to ensure for the best results when first time home buyers are home buying. Here are some tips for new homebuyers to read through and maybe find some luck so that they are able to make smart and informed decisions when home buying. House Buying Tips Here is what to look out for when buying homes: • Make sure your credit score is up to par. This is really important when buying a home. If your score is lower than 660, you might have to pay more or either pay more in terms of interest. Make sure to set up your credit score in such a way that you are ready for paying all the money that mortgages and loans require. • Check out your savings. Before home buying, you should make sure that you have some sort of savings compiled. Buying a home and being dependent just on loans and mortgages is not the way to go. Save up some money before you commit to buying a house. The more you put down in down payment, the better. A safe number is around 20%. • Have the house you want to buy inspected. Make sure there are no problems in the home. Paying extra for some repairs and other things is not very inviting, especially when you have put so much money down for the actual house. • Look into all the costs. Make sure you have a plan for every kind of cost that may pop up when home buying. There are many kinds of little odds and ends that are attached to being a first time home owner. Check it out and see to it that you have a plan for those costs all thought out. • Have a Mortgage plan all thought out. Make sure you have talked to your mortgage company and are ready with every payment aspect. You can even ask them how much a home buyer is expected to pay. They can also guide you through any question you may have. There is a lot of mortgage help for single mothers if needed. Those were just some tips for first time home buyers. Follow them and maybe use your own judgement to really decide how you want to go about your first home purchase. Update:**** Currently, now is the best time to buy a home. The prices are at an all time low. Interest rates are also quite low, lower than they have been for a long time. It is best to secure a house now as the economy improves. There will be some fluctuations after you buy the house, but it is best to secure a house now, considering November 2012 was a very high month in the housing market. The New Rules in the Housing Market & Mortgages At the beginning of January 2014, new rules were put into place to allow people to achieve their dreams of getting the housing that was best suited for their needs. The first change had to be in the domain of mortgages. (More information about mortgages here)The Consumer Financial Protection Bureau was responsible for making some regulatory changes in the market to prevent shady loan transfers that had also led to the demise of the housing market once before. The Lender will now give you loans based on: 1. debt : income ratio cannot exceed 43% 2. Loan cannot have special features (like no-interest, etc.) 3. Fees must be limited to no more than 3% of the loan 4. ARM mortgages have to be written to the highest possible value (so that you can still afford it when rates rise) Some other changes include: 1. You will be notified and sent obligatory monthly payments 2. You will get credit payment statements the day they are received 3. Home owners will be notified if you are over 36 days behind on your payment. 4. A bankruptcy cannot be filed against you until it has been 120 days since your last payment 5. Bankruptcy cannot be filed against you if you have filled out an application asking for help from the lender. Do remember that this new change means a lot less liberties for both the lender and the borrower and could have more punishable actions for those who do not comply. These rules and new regulations are meant to provide a level of security for both the lender and borrower — and make everything more predictable. Make sure you check out all these new rules and see what exactly it means for you and your family. These new changes may not be applicable right away and may not even apply to everyone, so make sure the next time you are considering a mortgage change, you check out what these changes have for you in the future. No related posts.